(Il Sole 24 Ore Radiocor) – The European stock exchanges they are in positive ground after the strong sales recorded in the last eighth. The positive closure of Wall Street last Friday and the marked progress of Tokyo (+ 1.78% Nikkei) this morning are a support factor for the markets, which however lost their initial momentum after the publication of the PMI data. At Piazza Affari the FTSE MIB it is on the rise, supported by the good performance of the stocks most penalized in recent days. Similar movements also recorded the Dax30 in Frankfurt, the Ftse100 in London, the Ftse100, the Ibex35 in Madrid and the Aex on the Amsterdam Stock Exchange. The Cac40 holds better in Paris, thanks to the attempt to rebound the luxury sector.
Countdown to the Jackson Hole Symposium
After the tensions of last week caused by the Delta variant, the concerns for the Chinese economy and the possible squeeze on imports of Western products and the publication of the Federal Reserve minutes, which suggest a start of tapering (reduction in purchases of securities for sustain the economy) already by the end of 2021, attention now shifts to the annual Jackson Hole symposium, the late summer event that markets and economists are eagerly awaiting. The symposium, organized since 1978 by the Federal Reserve of Kansas City in the Rocky Mountains of Wyoming, is usually attended by leading central bankers and economists from around the world. Attention will be paid above all to the intervention of the president of the Federal Reserve, Jerome Powell, scheduled for Friday 27.
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SME indices down in the euro zone in August
The PMI services and manufacturing indices in the Eurozone are down. While remaining firmly above 50, and therefore still signaling economic growth, the pace slowed in August. The manufacturing PMI index fell to 61.5 points from 62.8 in July. The services index fell slightly from 59.8 the previous month to 59.7 points. The composite index, a synthesis of the previous two, fell from 60.2 in July to 59.5 in August.
Cyclical stocks recover, banks do well
In Piazza Affari, among the titles, those most penalized by sales last week stand out, such as Stellantis e Moncler, on a day that is also rewarding bankers: Unicredit and Bper above all. Recovery session also for the other titles of the Agnelli galaxy with Ferrari, Exor e Industrial Cnh. Minus sign for Enel, when utilities and defensive stocks that had best held up to sales in the past eighth show weakness.
The euro regains the threshold of 1.17 dollars
On the foreign exchange front, the single currency regained $ 1.17 and changed hands at $ 1.1712 (1.1682 on Friday) and at 128.738 yen (128.27), when the greenback is worth 109.927 yen (109 , 81). The price of crude oil is also trying to recover: the October delivery contract on the WTI is trading at 66.35 dollars a barrel (+ 1.8%), and the one expiring in September on the WTI at 63.24 dollars (+ 1.77%) .
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